The big American banks found themselves on the defensive on Thursday, the Bank of America saying that it has no “political decisive test” for customers after President Trump suggested that the main financial institutions did not allow the Conservatives to do business with them.
“I hope you are starting to open your bank to the Conservatives, because many conservatives complain that banks do not allow them to do business within the bank, and that included a place called Bank of America,” said Trump in the remarks of the World Economic Forum in Davos, Switzerland, targeting Bank of America (BAC) and JPMorgan Chase (JPM).
The commentary was addressed to the CEO of Bank of America, Brian Moynihan. The two banks in their statements said Thursday that they did not consider the policy when closing the accounts. JPMorgan was put pressure on a new approach to Washington to the fight against financial crimes, while Bank of America noted the “extensive” regulations governing these decisions.
“We have never and will never close account for political reasons, a complete judgment,” said a JPMorgan declaration. “We follow the law and the advice of our regulators and we have long said that there were problems with the current framework that Washington must approach. We welcome the opportunity to work with the new administration and the congress on means to remove the regulatory ambiguity while maintaining the ability of our country to approach financial crime.
JPMorgan CEO Jamie Dimon also discussed the subject on a business podcast earlier this week.
“We serve more than 70 million customers and we welcome conservatives,” said a statement from Bank of America. “We are required to follow the vast government rules and regulations which sometimes result in decisions to leave relations with customers. We never close accounts for political reasons and we do not have a political decisive test. »»
The KBW NASDAQ Bank (BKX) index of large financial companies ended the day in the green, although it is lower than the levels observed in the early afternoon. JPMorgan and Bank of America actions have increased by more than 1% today.
